Importantly, he notes that the neoclassical
equilibrium framework depicts the conditions of equilibrium without explaining the market process that works toward equilibrium.
It should come as no surprise that neoclassical
, Keynesian, and Marxian economists all promote their respective theories as the most consistent with reality while dismissing alternative theories as inadequate.
They argue that standard introductory presentations of neoclassical
economics oversimplify their subject matter, deny the diversity of opinion that exists even within mainstream circles, and promotes a unidimensional worship of markets that is neither analytically justified nor appropriate in the real world.
Following a brief outline of the conceptual foundations of the neoclassical
understanding of markets, the article moves to a discussion of heterodox economics and economic sociology.
Utilizing an Aristotelian perspective, Sison wrestles to the ground the underlying first principles of corporate governance within a neoclassical
model and offers a far more humanistic and realistic alternative to take their place.
Organizations that work from a traditional neoclassical
economics template may fail to understand what people will and won't do for money -- and the business applications of that can be costly, so to speak.
If the book has a weakness, it is one that many readers, unlike this reviewer, may regard as strength: a tendency to spot, tongue-in-cheek, apparent weaknesses in the neoclassical
armor only to quickly move on with the unsuspecting reader in tow.
Both the neoclassical
school and political economy school of thoughts have relevance to economic policy tackling the aging population problem.
economics positions itself as a science and claims objectivity in order to reify its standing and exert its power.
Chambers hired interior designer Henry Mitchell to blend neoclassical
furniture and treasures from trips around the world.
Surviving examples and documentation reveal the extent and quality of polychromy within the terracotta tradition, a reminder of the importance of color within the broader sculptural tradition during these centuries, especially given the continuing prejudice for "pure" materials that is a legacy of the neoclassical
and modern movements.
Bhagwati's first lecture, "Confronting Conventional Threats to Free Trade: The Postwar Revolution in the Theory of Commercial Policy," ably tackles the neoclassical
economic literature that "qualifies" the free trade case.